The market for truck and bus radial tyres is expected to reach US$16.77 billion worldwide in 2023, according to the most recent Fact.MR industry analysis. By the end of 2033, it is expected that the market for truck and bus radial tyres will be worth US$30.03 billion, growing at a CAGR of 6%.
Heavy-duty tyres known as truck and bus radial tyres (TBR) are made primarily for commercial vehicles like trucks and buses. Given the demanding nature of their applications, these tyres play a crucial role in guaranteeing safety, performance, and efficiency on the road.
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Key Highlights
- The global truck and bus radial tire market is predicted to reach US$ 30.3 billion by 2033.
- Sales of truck and bus radial tires in Germany are predicted to increase at a CAGR of 7.6% from 2023 to 2033.
- The market in the United States is projected to reach US$ 7.60 billion by 2033.
- The China truck and bus radial tire market is expected to reach US$ 7.75 billion by 2023.
- Sales of truck and bus radial tires through OEMs are anticipated to increase at a CAGR of 6.1% over the next 10 years.
“Introduction of smart and sustainable tire solutions are generating potential growth opportunities for TBR tire manufacturers,” says a Fact.MR analyst.
Recent Market Developments
- Bridgestone Americas’ (Bridgestone) truck and bus radial tire plant in Warren County, Tennessee, underwent extensive development and modernization in August 2022 with an investment of US$ 550 million, which is projected to generate 380 new jobs, increase the plant’s current size by 850,000 square feet, and hasten the adoption of cutting-edge technologies that enable safer, cleaner, and more efficient commercial truck and bus fleets.
- To increase its footprint in America through supply chain management and industry-leading retail channels, Goodyear purchased Cooper Tyre & Rubber Company in March 2021 for US$ 2.8 billion for enhancing its product offerings for SUVs and light trucks.
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Rapidly growing demand for truck transportation and public transportation services is boosting the growth of the truck and bus radial tire market. The development of road networks in several countries is stimulating a higher production of trucks, buses, and other forms of public transportation, consequently boosting the demand for radial tires.
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North America and Europe hold leading positions in the global market. Emerging economies, particularly in Asia Pacific and Latin America, are witnessing significant economic growth and urbanization. This growth is accompanied by high investments in infrastructures, including transportation systems. The expanding commercial vehicle fleet in these regions is also driving the demand for truck and bus radial tires.
Competitive Landscape
Global demand for truck and bus radial tires for heavy-duty vehicles is experiencing a significant increase. Prime TBR tire manufacturers are actively investing in the creation of specialized web portals and selling their tires through digital stores and third-party marketplaces to capitalize on revenue opportunities. Additionally, key market players are emphasizing the development of sustainable and smart tires as a means to expand their customer base.
- As part of its mid-term business plan (2021-2023), Bridgestone Corporation announced in December 2021 the consolidation of its TBR tire manufacturing operations in China. The objective of this initiative is to enhance growth opportunities by strengthening the company’s earning power and facilitating strategic investments for future expansion.
- Manufacturers are developing innovative tire solutions that offer improved fuel efficiency, longer tread life, enhanced traction, and better load-carrying capacity. The adoption of these advanced tire technologies is predicted to fuel demand for improved truck and bus radial tires during the forecast period. Key market players are also focusing on the production of eco-friendly tires, which are manufactured from recycled materials.
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Key Companies Profiled
- Apollo Tyres
- Balkrishna Industries Limited
- Bridgestone Corporation
- China National Tire & Rubber Co., Ltd.
- Continental AG
- Cooper Tire & Rubber Company
- Giti Tire
- The Goodyear Tire & Rubber Company
- Hankook Tire & Technology Co. Ltd.
- Kumho Tire Co., Inc.
- MICHELIN
- Nokian Tyres plc.
- Pirelli & C.S.p.A.
- Sumitomo Rubber Industries, Ltd.
- Toyo Tire Corporation
- Yokohama Rubber Industries Co., Ltd.
- ZC Rubber
- Prometeon Tyre Group S.R.L.
Market Structure
Fact.MR’s research study assesses the global truck and bus radial tire market in terms of application, sales channel, and region. This report presents extensive market dynamics and trends associated with different segments of the market and their influence on the growth prospects of the global TBR tire market.
- By Application:
- Trucks
- Buses
- By Sales Channel:
- OEMs
- Aftermarket
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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